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Exelity continues to avoid negative return months, closing May at +3.1%. This means that the fund has only had one negative return month, August 2024 -1%, since the undersigned took over management in the fall of 2023. Over the same period, Exelty's return after fees is +64%.
For the full year 2025, Exelity continues to outperform all indices, noting +13.5% for the full year. This compares with the large cap index OMX SPI which is -0.6%, while the OMX Small Cap is +3.8%.
During May, the fund's performance was once again broad, while the equity leg contributed approximately 2% units, approximately 1% units came from the transaction leg (bridge loans and guarantees). After a couple of intense months, things were somewhat calmer on the transaction side. In total, Exelity now has 12 ongoing loans, and 7 signed guarantees. Loans as of the end of May amount to approximately 30% from the fund, while the total guarantee volume corresponds to approximately 15%. During the month, a loan was made to Klaria, as Exelity was also involved and also in the guarantee.
The reporting period continued intensively during May, where a couple of holdings such as Gentoo Media and BPC Instruments recorded sharp declines of -26% and 19% respectively. This was more than offset by the remaining share portfolio, where Smart Eye, among others, developed strongly during the month (+20%). B
Looking ahead, we note a strong pipeline of both bridge loans and guarantees, where Exelity has signed loans and guarantees that correspond to just over 4% in returns for the fund, which is expected to have a positive impact in the coming months. This is expected to continue to provide a cushion on the downside in an otherwise turbulent stock market climate. Exelity's strong performance in guarantees is a consequence of quantitative modeling, selectivity, but also fundamental analysis behind the transactions the fund participates in.